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74 mitsubishi motors corporation annual report 2008
18. Related Party Transactions
MMC entered into the following transactions with related parties during the years ended March 31, 2008 and 2007:
March 31, 2008
Party type: Main stockholder
Party name: Mitsubishi Corporation
Address: Chiyoda-Ku, Tokyo, Japan
Capital: ¥201,825 million
Business: Wholesale trading
% of voting stock held: Direct 14.0
Concurrent board appointment: 1 concurrent member,
3 permanently transferred to MMC
Business relationship: Sales of passenger cars and import of
materials for production
Detail of transaction: Sales (see (i) below)
Transaction amount: ¥292,441 million
($2,918,864 thousand)
Account title: Accounts receivable
Balance at year end ¥24,369 million
($243,227 thousand)
March 31, 2008
Party type: Subsidiary Equity method affiliate
Party name: Heart Beat Reds LLC Jatco Ltd.
Address: Chuo-Ku, Tokyo, Japan Fuji, Shizuoka, Japan
Capital: ¥3 million ¥29,935 million
Business: Holding and sales of
beneficial interest in trust
Development, manufacturing and sales of
transmission and automotive parts
% of voting stock held: Direct 100.0 Direct 15.0
Concurrent board appointment: — 1 concurrent member
Business relationship: Investment in anonymous association Purchases of auto parts
Detail of transaction: (1) Proceeds from liquidation Purchase
(2) Gain on liquidation
Transaction amount: (1) ¥5,000 million
($49,905 thousand) (see (ii) below)
(1) ¥90,259 million
($900,878 thousand) (see (iii) below)
(2) ¥4,659 million
($46,501 thousand) (see (ii) below)
Account title: — Accounts payable
Balance at year end — ¥18,796 million
($187,603 thousand)
(i) Sales price of products is determined based on market price and overall cost.
(ii) The proceeds in the form of liquidation dividends were from dividend distributions due to the end of anonymous associations’ operations.
(iii) The purchase price is determined based on the estimated cost, the price for current model production and market price.